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Canada

Canadians In Trouble – “Half of Canadians are Living Paycheque to Paycheque”

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For those living in the United States, while we’d like to think at time the world should revolve around us and we should be the center of everything, when it comes to mastering consumer debt, that’s not true. Consumer debt problems exist in every single nook and cranny of the earth. The early warning signs are appearing in Canada. Even ... Read More »

Canada Concerned About Exploding Consumer Debt Becoming a Drag

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Consumer debt levels in Canada continue to grow, creating a concern for the Bank of Canada. It’s a tightrope to encourage Canadians to spend to stimulate the economy and help improve the general economy in Canada and act prudently in order not to run up household debt to problem levels. As Canadian households have engaged in a borrowing spree, Federal ... Read More »

Go Ahead, Take a Guess Which Countries Have the Most Credit Card Fraud

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Now here is a study that will probably surprise some people. A recent survey by the Aite Group and ACI Worldwide of consumers who experience credit card fraud found some countries are much more at risk of consumers having their credit cards used fraudulently. As someone who has lived and travelled to many countries outside of the United States, a ... Read More »

Cambridge Life Solutions Sucks But Canadians Still Falling for Slick Sales Pitch

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Cambridge Life Solutions is again in the news for their alleged bad practices of charging advance fees and they get roped into the wider issue of deceptive advertising. Those of us in the United States know these issues well. The Federal Trade Commission outlawed such practices in the U.S. in 2010 and the majority of bad actors have vanished since ... Read More »

Cockburn & Associate Said to Have Purchased Silverthorn & Lupolover Debt Settlement Clients and Practice

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A commenter offered the following information regarding an email they recently received as a Silverthorn & Lupolover debt settlement client: “The Law Office of Cockburn & Associate, LLP is pleased to announce the acquisition of Silverthorn & Lupolover Lawyers, LLP. This comes as Mark Silverthorn explores alternate avenues within the practice of law. Shelia A. Cockburn, a protégé of Mark ... Read More »

Canadians Turning Away From Debt. Debt Growth Down 30 Percent.

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It will be interesting to see what happens to the wave of U.S. debt settlement companies that ran north of the border in the last year or so trying to capture Canadians in advanced fee debt settlement programs. It seems Canadians are slowing demand for new credit, the Equifax Canada reports. The growth in Canadian non-mortgage debt in the 12 ... Read More »

Nova Scotia, Canada Debt Settlement Protection Act

Nova Scotia has introduced the Debt Settlement Protection Act and it had the first reading on April 26, 2012. The act states: Be it enacted by the Governor and Assembly as follows: 1 This Act may be cited as the Debt Settlement Protection Act. 2 In this Act, (a) “agent” means a person employed, appointed or authorized by a debt ... Read More »

Canadians Warned Yet Again About Cambridge Life Solutions

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A reader sent in the following news video about Cambridge Life Solutions, an advanced fee debt settlement company in Canada. The station interviews the owner of Cambridge Life Solutions, George Fortune, and inserts the over the shoulder perp shot for dramatic impact. The news package includes bankruptcy trustees as well who speak out about the Cambridge Life Solutions advanced fee ... Read More »

Bankruptcy Filings Set to Rise in Canada

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Canadians are facing a projected increase in personal bankruptcies in 2012. Experts say this is due to an increase in lower paying jobs that just won’t allow people to make ends meet on those wages. Benjamin Tal of CIBC World Markets said, “Note that in recent years, the number of proposals … has risen dramatically, with the proposal rate reaching ... Read More »

Consumer Debt a Growing Problem in Canada and Australia

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Recent reports out of Canada and Australia paint a similar picture for consumers in both countries. Consumers are loading up on consumer debt and it is becoming a concern for regulators. Right now levels are about the same, consumer debt is approximately 150 percent of income. Both Canada and Australia have experienced less unemployment that the United States or even ... Read More »

Canadians Warned About Debt Reduction Companies

The Financial Consumer Agency of Canada today warned Canadians about debt reduction schemes to avoid and provided some helpful advice. Debt reduction companies: Beware of “too good to be true” offers The Financial Consumer Agency of Canada (FCAC) is warning Canadians to be very cautious about companies that claim they can negotiate a deal to cut the amount of debt ... Read More »

Is Leading Debt Arbitrators in Canada a Poser?

A loyal tipster (send in your tips here) sent in an email asking my why a Canadian debt settlement company that charges consumers a “Service Fee” of an amount equal to fifteen percent (15%) of the balance upon enrollment, is claiming that their client deposits are FDIC insurred. Excellent Question! What they say on their site is “Q: Who pays ... Read More »

Clear Blue Debt Solutions and Synergy Debt Group Look Like a Scam. They Are Not Making Friends in Canada.

I received information from a tipster (send in your tips here) in Canada that wanted to share new information about these companies. The tipster (send in your tips here) said: “I was amazed at how frequently I was lied to when I spoke with employees from these companies. I can’t remember anyone lying to me that much in one conversation ... Read More »

Canada Consolidation Order / Orderly Payment of Debt (OPD)

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I’m really just posting this so I can easily find it later when someone from Canada asks a reader question. Consolidation order / Orderly payment of debt (OPD) (Applicable only to residents of Alberta, Saskatchewan and Nova Scotia) What does it mean? If you are unable to manage your current debts, you can voluntarily seek out a legal proceeding to ... Read More »

Consumer Debt in Canada Reaches Record Levels

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While consumers in America have been reducing the amount of consumer debt they are carrying, Canadians have been loading up on new debt. A reader and tipster (send in your tips here) just sent me an article that shows overall Canadian household debt is at $1.5 trillion and it states people earning under $50,000 often have to borrow just to ... Read More »

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